Donald Trump urged his followers on Friday to support his social networking program, Truth Social, whose parent company’s stock continues to fall.
In a message on that app, Trump stated that he feels Truth Social epitomizes the political “movement” behind his “Make America Great Again” presidential campaign slogan, adding that “it shows the spirit and love of our country.”
“If people who believe in putting America first and want to make America great again, support truth,” Trump said in a tweet.
“We will be your voice like never before, and a real voice is what our country needs because we are in decline and must bring America to greatness,” he stated in the letter.
It was unclear whether Trump was encouraging his followers to download the app or purchase shares in Trump Media, which began trading on the Nasdaq last month.
The company, which trades under the ticker DJT, soared more than 50% in its launch on March 26 but has since fallen in the following trading days.
On Friday morning, Trump Media’s share price fell below $30, a drop of more than $40 from its early surge. It closed the trading day up 0.6%, but it was insufficient to reverse an almost 20% drop in the previous week. Shares have fallen over 50% so far in April.
Nonetheless, Trump stands to benefit financially from the corporation. Despite the stock’s decline and the company’s lack of income, Trump Media had a market valuation of more than $4.2 billion as of Friday.
Trump controls more than 57% of the company’s stock, but he cannot sell until a six-month lockout period ends.
Trump Media’s CEO, former Republican Rep. Devin Nunes, has claimed that the company is “well positioned” because it has no debt and $200 million in cash on hand. In a Fox News interview on Monday, Nunes stated that the business is exploring adding video streaming capabilities to Truth Social and turning it into a hub for “canceled” channels and documentaries.
Trump, the likely Republican presidential contender, defended Truth Social against its detractors in April.
Trump’s posts and Nunes’ claims have yet to arrest the stock’s decline.
Donald Trump urged his followers on Friday to support his social networking program, Truth Social, whose parent company’s stock continues to fall.
In a message on that app, Trump stated that he feels Truth Social epitomizes the political “movement” behind his “Make America Great Again” presidential campaign slogan, adding that “it shows the spirit and love of our country.”
“If people who believe in putting America first and want to make America great again, support truth,” Trump said in a tweet.
“We will be your voice like never before, and a real voice is what our country needs because we are in decline and must bring America to greatness,” he stated in the letter.
It was unclear whether Trump was encouraging his followers to download the app or purchase shares in Trump Media, which began trading on the Nasdaq last month.
The company, which trades under the ticker DJT, soared more than 50% in its launch on March 26 but has since fallen in the following trading days.
On Friday morning, Trump Media’s share price fell below $30, a drop of more than $40 from its early surge. It closed the trading day up 0.6%, but it was insufficient to reverse an almost 20% drop in the previous week. Shares have fallen over 50% so far in April.
Nonetheless, Trump stands to benefit financially from the corporation. Despite the stock’s decline and the company’s lack of income, Trump Media had a market valuation of more than $4.2 billion as of Friday.
Trump controls more than 57% of the company’s stock, but he cannot sell until a six-month lockout period ends.
Trump Media’s CEO, former Republican Rep. Devin Nunes, has claimed that the company is “well positioned” because it has no debt and $200 million in cash on hand. In a Fox News interview on Monday, Nunes stated that the business is exploring adding video streaming capabilities to Truth Social and turning it into a hub for “canceled” channels and documentaries.
Trump, the likely Republican presidential contender, defended Truth Social against its detractors in April.
Trump’s posts and Nunes’ claims have yet to arrest the stock’s decline.
